MENA’s Digital News, Week #40

A weekly round up of the top headlines from the digital sector in MENA, covering startups, corporate and the public sector.

Investments & Acquisitions

Clara, UAE based legal-tech startup, raises $2M seed financing from Techstars, 500 Startups, Wamda Capital, VentureSouq, Delta Partners, Shorooq Investments and Dubai Angel Investors http://bit.ly/32lwURg 

Washmen, Dubai-based mobile laundry, raises $6.2M in series B funding led by AddVenture joined by Henkel, Cedar Mundi Ventures, B&Y Venture Partners and Clara Ventures http://bit.ly/2XvILNH 

ChangeLab, Cairo-based accelerator, initiates their first cohort of 10 startups http://bit.ly/2G77bSV 

Fungible, Data center management and optimization startup, raises $200M Series C led by Softbank Vision Fund https://tcrn.ch/2YIBxCq 

Byju, India based Edtech platform, raises a $150M finacing round led by Qatar’s Investment Authority http://bit.ly/2G6X0Og 

Creditas, Brazilian lending platform, raises a $231M financing round led by Softbank Vision Fund https://reut.rs/2XEcTqm 

SURE International Technology, Saudi-based system solutions agency, acquires web & app development agency Maxsys for undisclosed amount in what looks like a capabilities acquihire (EN) http://bit.ly/2FYDO52 (AR) http://bit.ly/32bU506

Inking Ideas, India-based advertising and marketing agency, and Dubai-based Free-To-Air Bollywood movie channel Imagine Movies have announced merger http://bit.ly/2L8339h

Sector News

Saudi’s Misk Innovation, Seedstars and Vision Ventures launch new Saudi based accelerator http://bit.ly/2Xzmtpo 

Badir Program for Technology Incubators & Accelerators in Saudi, officially launches Haramain Technology Accelerator http://bit.ly/2L5BYUt 

Fawry, Egyptian online / mobile payment platform, to IPO on the Egyptian Exchange by next month eyeing a valuation of ~$300M http://bit.ly/2NJ1XDa (AR) http://bit.ly/32f5Gvz 

Saudi’s Ministry of Commerce and Investment issues official eCommerce Regulations, detailed law can be found on this link in Arabic http://bit.ly/32hgxVB no English draft is available as of yet, however the link to official announcement http://bit.ly/2XWrHQi and a small snippet of laws http://bit.ly/2XTaebD

STC pay, Saudi Telecom, partners with Paytabs & Hyperpay to integrate their payment solutions within their service http://bit.ly/32l9XO4 & http://bit.ly/2NK8Fsu

Spotify launches a Lite app edition across 36 countries including 12 MENA ones http://bit.ly/2NKRZRB 

Further Readings

Egypt may pass decree that grants investors a chance to acquire an Egyptian passport and/or permanent residence. An amendment to existing laws has already been issued to support (AR) http://bit.ly/2YMovEg

Dubai International Financial Centre, DIFC, issues 4 new licensing categories (Short-term and Restricted Licenses, Commercial Permissions and Dual Licenses) with reduced fees http://bit.ly/2S43pi2

Sharjah decrees to establish an “Arab Academy for Science, Technology and Maritime Transport,” AASTMT, in the emirate http://bit.ly/2S1RMYO 

Dubai’s value of non-oil external trade with Saudi Arabia was 55B AED (~$15B) in 2018 http://bit.ly/2Jz7J57

Dubai’s DAMAC Properties, real-estate developer, to acquire Italian Fashion house Roberto Cavalli for ~$180M http://bit.ly/2YKGGtN

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